Page 14 - BANKING FINANCE JUNE 2016

LEGAL UPDATE
LEGAL 
Punjab Govt passes bill for regulating agricultural debts
and protect cattles
In a landmark move, the Punjab gov-
ernment has passed a Bill with a frame-
work to regulate and settle
agriculture debts. The
House also passed the
Punjab 'Gau Sewa Commis-
sion Bill' to protect cows.
According to a Punjab Agri-
cultural University (PAU) study of 2013, forum would be a retired district and
rural indebtedness in Punjab was
around Rs 35,000 crore. This was the
Nominee of a deceased can take possession
A nominee chosen by a deceased
member of a cooperative society shall
be given possession of the property and
shares, but others who
have claims of inheritance
under succession law can
pursue their claims to the
property concerned.
The Supreme Court ruled
so in the judgment of the Indrani Wahi
versus Registrar of Cooperative Society
case. In this case, the father chose his the society and it has no option but to
daughter as the nominee.
After his death, the society trans-
ferred all interests in the property to
his daughter following the West Ben-
gal Cooperative Societies Act. The
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main reason for the death of more than
5,000 farmers in the past 10 years.
The government would es-
tablish a District Agriculture
Debt Settlement Forum at
every district of the state to
implement the Act, Singh
said. The chairman of the
session judge or a retired additional
district and session judge.
mother had died and the son claimed
his share to the property. The Calcutta
High Court allowed his petition and
stated that the transfer of
property can be done only
with the consent of all
heirs.
The daughter appealed
to the Supreme Court. It
said that the nomination is binding on
transfer membership in the name of
the nominee.
However, "that would have no rel-
evance to the issue of title between
the inheritors or successors to the
property of the deceased".
McDonalds wins fight
over 50 paise
The Delhi High Court has accepted
the argument
of McDonalds
Family Restau-
rant that es-
tablishments
could round off
bills to the nearest rupee. It is in ac-
cordance with statutory circulars,
notifications and guidelines.
In a 2007 circular, Reserve Bank of
India had directed nationalised banks
that all transactions, including pay-
ment of interests should be rounded
off to the nearest rupee. The high
court noted this while disposing of
the appeal of McDonalds against the
ruling of the National Consumer
Commission.
A consumer bought fast food which
cost Rs 52.50. But the establishment
rounded it off to Rs 53. This was chal-
lenged in the consumer forum. It or-
dered the restaurant to return Rs
0.50, along with Rs 3,000 for men-
tal agony and Rs 1,500 as cost of liti-
gation. The consumer commission
dismissed the appeal of the firm as
it was a trivial amount.
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